Leasing your own truck to your LLC

Discussion in 'Ask An Owner Operator' started by POINTDEXTER, Nov 27, 2014.

  1. POINTDEXTER

    POINTDEXTER Light Load Member

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    Mar 6, 2008
    Virginia Beach, Virginia
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    I'm changing from a o/o leased to a company to running under my own authority. It was suggested to me by an insurance agent that lease purchase that I have on my truck should be leased to my LLC. The lease purchase is in my name, the leasing company wouldn't allow me to lease it as my LLC. The insurance agent suggested filling out a lease agreement to lease the truck to my LLC. I'm assuming that it was suggested because the insurance will be in the name of my LLC. Has anyone had experience in leasing from personal name to their company. Also I would appreciate any suggestions on Insurance companies.

    Thanx
     
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  3. Scooter Jones

    Scooter Jones Road Train Member

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    Might want to ask a CPA. Do you have one?
     
  4. G/MAN

    G/MAN Road Train Member

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    There is no difference between leasing to another carrier and leasing to your own company. You can design your own lease. Everything you are legally required to put into the lease is on the fmcsa website. If you are a member of OOIDA, ask them to send a copy of a standard lease. They have one in their files you can modify for your purposes. You could also hire a lawyer and reinvent the wheel by having them do a lease agreement for you. If you own more than one truck it is easier to lease the trucks to your corporation, LLC, etc., so you can take the trucks off your insurance if you don't have a driver in the truck.
     
  5. hilliard

    hilliard Light Load Member

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    Sep 13, 2009
    hilliard, oh
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    A friend was given a citation for not having a lease agreement because the cab card was in his personal name which was diffrent to his business name on the door.

    He tried to argue his point that truck is registered in his name and runs it with his own authoriry but they weren't having it.

    As for the lease agreement check this one out, its provided by state of Illinois.
    A pdf will pop up.
    Just fill in the blank spots

    http://www.google.com/url?q=https:/...7UPI6g&usg=AFQjCNEb76ZBK9p_Y1WAcHOdin57CFFsUA
     
    POINTDEXTER Thanks this.
  6. Mark Kling

    Mark Kling Technology Contributor

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    You probably used your personal assets for the lease so they would not do it as the LLC.
     
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